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3.II.(b)   Keeping the ageing population healthy and Extending Labour Force Participation can partly offset Burgeoning Baby Boomer Health & Aged Care Costs  -  extending the retirement age is one possible method

Former chairman of the ACCC, Professor Allan Fels, article of Dec 2003 "Older workers won't like it, but changing population trends require it" argues the merit of raising the official retirement age of 65 for males is a way to offset the economic costs of our ageing population.  This would impact the age level set by government to access some retirement benefits and some superannuation.

A critical means of mitigating the economic costs of ageing is to lift the proportion of older people in the labour force.

Australia has among the lowest labour force participation rates in the OECD for people aged between 55 and 64.  Countries such as Norway, Japan and Switzerland have 65-70% of those aged 55 to 64 in the workforce, compared with just under 50 per cent for Australia.

A paper released in Nov 2003 by University of Melbourne economist Professor Jeff Borland -

(a)        indicates that the effective average retirement age is now between 60 and 61; and

(b)        canvassed several policy options to increase the workforce participation of older people incl -

            (i)          reform of the tax treatment of older workers' earnings from part-time work;

            (ii)         programs to assist skill development of mature-age workers;

            (iii)        subsidies to employers for hiring mature-age workers; and

            (iv)        education campaigns to change employer attitudes to older workers.

Borland cited OECD modelling, which suggested adding three years to the retirement age would discourage between a quarter and third of men from leaving the workforce.

Lifting the retirement age would be unpopular among older voters, but this could be one of the least painful times to introduce it.  Shifts in the nature of work in the modern economy away from physical labour to more white-collar roles mean an increasing number of workplaces are suited to mature workers.  Surveys also suggest that the desire to work past 60 is high for many people as health and energy levels persist later in life for adults who remain healthy and fit.

In 1967 65 years old and above were 11.9% of the population. By 2002 the level had risen to 15.6%.

ABS forecasts that in 2051 it will be 28.8% - one retiree for every 2.6 Australians of working age.

The past decade's sustained boom in house prices has left this generation of older Australians with more wealth than their predecessors; a greater proportion of this generation of older workers have the flexibility to pursue downshifting career directions earlier.

Also see Section 3 II(s)  Pension age raised to 67 under Federal Budget